CandleFocus Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users' Bank Accounts
2024-09-12
Author: Content Editor
The Nigerian anti-corruption agency, the EFCC, has frozen bank accounts belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. They believe that these users were manipulating the Nigerian currency, the naira, through their trading activity. The exchanges are also accused of not complying with anti-money laundering and terrorist financing regulations. The EFCC alleges that proceeds from criminal activities and funds intended for terrorists are being traded on these platforms. This comes after the Central Bank of Nigeria intervened to halt the depreciation of the naira. The value of the naira has declined significantly this year, and some believe the decline will continue unless the demand for US dollars is curtailed.
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